It has been reported that number on goalkeeper Bell is set to sign a five-year deal with Killie but Fowler is also entertaining the thought that the 26-year old may be continuing his career in England by the close of the winter transfer window.
"Time will tell. Killie could make Cammy a great offer and make him the highest-paid player in their history," Fowler said.
"But he could get a deal from the Championship or even League One which would be better than that. From a financial point of view, we are spitting against the wind here.
"But Cammy is playing here week in, week out and enjoying every minute of it, so you never know.
"There's a lot of interest in him and Liam Kelly.
"It's just a question of how much other clubs offer and what Kilmarnock are prepared to accept.
"But from a selfish point of view, I want us to keep both of them."